Rupee soars to four-month high on reforms, hopes for more FII
The market is awaiting the RBI's rate decision at 11 am, with any rate cut likely to lead to a further rally in the rupee.
Mumbai: The rupee rose to a four-month high in early trade on Monday with hopes of major foreign inflows after the federal government announced opening up of the aviation and multi-brand retail sectors to overseas direct investment.
At 9.04 am local time, the rupee was at 53.72/73 to the dollar against its previous close of 54.30/31. It rose to a high of 53.66, its highest since 15 May.
Reuters
The dollar index, which measures the greenback against a basket of major currencies, eased 0.1 percent Monday, having fallen on Friday to levels not seen since late February.
The market is awaiting the RBI's rate decision at 11 am, with any rate cut likely to lead to a further rally in the rupee.
Indian government bond yields also fell on hopes of fiscal consolidation and ahead of the rate decision.
The 10-year yield was down 6 basis points at 8.12 percent.
Reuters
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
also read
Rupee nears 5-month high on fiscal hopes, global risk sentiment
While the market was expecting the government to stick to its borrowing plan for now, a Reuters poll showed economists expecting 500 billion rupees of extra bond sales.
Rupee falls after steady opening on importer demand for $
The rupee fell after opening steady as demand for dollars from oil importers weighed and traders said they would watch the stock market for clues on fund flows.
Why you should be betting against the rupee now
The rupee has been defying gravity despite weak and worsening fundamentals, including the CAD crisis.